President Trump said Friday he will impose tariffs on imported furniture "within the next 50 days."
In a post on social media, Trump said his administration will begin an investigation into furniture imports, which would lay the groundwork for imposing tariffs on those goods. He said the tax rate on imported furniture has not yet been decided.
"Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined. This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union. Thank you for your attention to this matter!," Trump posted on Truth Social, the social media platform he owns.
Trump's announcement is the latest twist in his ever-changing tariff agenda, which was cemented in part earlier this month with a flood of new trade pacts and import tax decisions.
The president has imposed tariffs of 15 to 20 percent on most foreign goods, with additional tariffs tacked onto foreign steel, aluminum, autos and autos parts, some electronics and appliances.
The net result of Trump's moves has boosted the average tariff paid by U.S. businesses and importers to 18 percent, the highest level in several decades, while shaking the global economy.
The Trump administration has touted a surge in tariff revenue — taxes paid to the federal government by U.S. firms and individuals — while mocking the scores of economists who expected the president's trade agenda to cause a recession.
Even so, Trump's tariffs are one of several factors weighing on U.S. businesses, which have hired fewer workers and charged higher prices gradually over the past year.
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Source: The Hill - News
